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Macquarie Offloads Stake In Indian Wealth Management Firm To Joint Venture Partner
Vanessa Doctor
4 September 2013
was created five years ago to serve the growing Indian high net worth individuals market and take advantage of Religare's local knowledge and Macquarie's global network. The venture has grown since and, as of 31 March 2013, records some INR28 billion ($424 million) in assets under management and over 4,800 clients. The decision to absorb the Australian asset manager's ownership in the venture follows the latter's decision to exit the wealth management business from Asia, including India. "The partnership has been fruitful and , CEO for capital markets and wealth management.